Twenty three years ago, on this day, February 17, 2003,
SYDNEY, Feb 17, AAP – One of Australia’s big four banks has indicated its support for an international treaty to cut greenhouse gases.
Greenpeace today said initial findings of its survey of Business Council of Australia (BCA) members revealed Westpac supported the aims and objectives of the 1997 Kyoto Protocol.
AAP. 2003. Westpac supports Kyoto Protocol – Greenpeace. Australian Associated Press Financial News Wire, 17 Feb
The amount of carbon dioxide in the air was roughly 376ppm. As of 2026 it is 428ppm, but check here for daily measures.
The broader context was that the idea of rich countries having to reduce emissions was there from the beginning of public international climate concern in 1988, but the administration of George HW Bush had, using its diplomatic muscle, prevented targets and timetables for reductions being in the UNFCCC’s text at that point, Australia was playing, and I mean that in every sense, the role of a “responsible middle power”. However, the domestic forces arrayed against emissions reductions and policy instruments like a price on carbon dioxide to make reductions happen were extremely strong.
The specific context was that in 1997 the Kyoto Protocol had been agreed, Australia had managed to get an extremely generous increase in its reductions. De jure 108% but de facto, once you took into account the land clearing clause, 130%.
In September 1998 the Canberra Times reported that Cabinet had decided it would not ratify Kyoto unless the Americans did. In March 2001 the Bush administration pulled the US out of Kyoto, and in June of 2002 Howard had followed through on that, choosing to make the announcement on World Environment Day, primarily, I assume, to own the libs.
But business had seen value in Kyoto ratification. New South Wales had lots of forests and could get so-called carbon credits, but only if Australia ratified. Meanwhile, carbon trading was going to enable nice fat fees for consultants and bankers in lots of loopholes, but Howard was opposed. Therefore it’s not particularly surprising to see Westpac coming out in favour.
What I think we can learn from this is that “capital” is not unitary, not a monolith. There are competing, overlapping, conflicting interests, all of which need managing, usually within and between trade associations, but sometimes just the big beasts – the really big beasts – doing it behind closed doors.
What happened next: later on in that year, Howard blocked an emissions trading scheme for Australia that all his Cabinet wanted, and he went on to win another election. Westpac kept on talking, and in 2006 combined with the Australian Conservation Foundation, the biggest green group to push the case for “Early action on climate change” in April of 2006.
Meanwhile, during all this, the emissions kept climbing, the concentrations kept climbing, and the chances of humans, humanity, civilization, whatever label you want to stick on it, avoiding the absolute worst consequences of its own behaviour, shrank.
What do you think? Does this pass the ‘so what?’ threshold? Have I got facts wrong? Interpretation wrong? Please do comment on this post, unless you are a denialist, obvs.
Also on this day:
February 17, 1993 – President Clinton proposes an Energy Tax.
February 17, 2003 – “please ratify Kyoto Protocol” advisory group begs John Howard
February 17, 2003 – Bob Carr says John Howard showing poor leadership (too generous!)
February 17, 2013 – celebrities arrested at Whitehouse, protesting Keystone XL